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of¡¡the¡¡sixteenth¡¡century£»¡¡nor£»¡¡so¡¡far¡¡as¡¡I¡¡know£»¡¡in¡¡any¡¡other
part¡¡of¡¡Europe¡¡north¡¡of¡¡the¡¡Alps¡£¡¡They¡¡had¡¡been¡¡introduced¡¡into
Italy¡¡some¡¡time¡¡before¡£
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some¡¡measure¡¡explain¡¡to¡¡us¡¡why¡¡the¡¡real¡¡price¡¡both¡¡of¡¡the¡¡coarse
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measure¡¡explain¡¡to¡¡us¡¡why£»¡¡in¡¡those¡¡ancient¡¡times£»¡¡the¡¡real¡¡price
of¡¡the¡¡coarse¡¡manufacture¡¡was£»¡¡in¡¡proportion¡¡to¡¡that¡¡of¡¡the¡¡fine£»
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¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡CONCLUSION¡¡OF¡¡THE¡¡CHAPTER¡¡
¡¡¡¡¡¡¡¡¡¡I¡¡shall¡¡conclude¡¡this¡¡very¡¡long¡¡chapter¡¡with¡¡observing¡¡that
every¡¡improvement¡¡in¡¡the¡¡circumstances¡¡of¡¡the¡¡society¡¡tends
either¡¡directly¡¡or¡¡indirectly¡¡to¡¡raise¡¡the¡¡real¡¡rent¡¡of¡¡land£»¡¡to
increase¡¡the¡¡real¡¡wealth¡¡of¡¡the¡¡landlord£»¡¡his¡¡power¡¡of¡¡purchasing
the¡¡labour£»¡¡or¡¡the¡¡produce¡¡of¡¡the¡¡labour¡¡of¡¡other¡¡people¡£
¡¡¡¡¡¡¡¡¡¡The¡¡extension¡¡of¡¡improvement¡¡and¡¡cultivation¡¡tends¡¡to¡¡raise
it¡¡directly¡£¡¡The¡¡landlord's¡¡share¡¡of¡¡the¡¡produce¡¡necessarily
increases¡¡with¡¡the¡¡increase¡¡of¡¡the¡¡produce¡£
¡¡¡¡¡¡¡¡¡¡That¡¡rise¡¡in¡¡the¡¡real¡¡price¡¡of¡¡those¡¡parts¡¡of¡¡the¡¡rude
produce¡¡of¡¡land£»¡¡which¡¡is¡¡first¡¡the¡¡effect¡¡of¡¡extended
improvement¡¡and¡¡cultivation£»¡¡and¡¡afterwards¡¡the¡¡cause¡¡of¡¡their
being¡¡still¡¡further¡¡extended£»¡¡the¡¡rise¡¡in¡¡the¡¡price¡¡of¡¡cattle£»
for¡¡example£»¡¡tends¡¡too¡¡to¡¡raise¡¡the¡¡rent¡¡of¡¡land¡¡directly£»¡¡and¡¡in
a¡¡still¡¡greater¡¡proportion¡£¡¡The¡¡real¡¡value¡¡of¡¡the¡¡landlord's
share£»¡¡his¡¡real¡¡command¡¡of¡¡the¡¡labour¡¡of¡¡other¡¡people£»¡¡not¡¡only
rises¡¡with¡¡the¡¡real¡¡value¡¡of¡¡the¡¡produce£»¡¡but¡¡the¡¡proportion¡¡of
his¡¡share¡¡to¡¡the¡¡whole¡¡produce¡¡rises¡¡with¡¡it¡£¡¡That¡¡produce£»¡¡after
the¡¡rise¡¡in¡¡its¡¡real¡¡price£»¡¡requires¡¡no¡¡more¡¡labour¡¡to¡¡collect¡¡it
than¡¡before¡£¡¡A¡¡smaller¡¡proportion¡¡of¡¡it¡¡will£»¡¡therefore£»¡¡be
sufficient¡¡to¡¡replace£»¡¡with¡¡the¡¡ordinary¡¡profit£»¡¡the¡¡stock¡¡which
employs¡¡that¡¡labour¡£¡¡A¡¡greater¡¡proportion¡¡of¡¡it¡¡must£»
consequently£»¡¡belong¡¡to¡¡the¡¡landlord¡£
¡¡¡¡¡¡¡¡¡¡All¡¡those¡¡improvements¡¡in¡¡the¡¡productive¡¡powers¡¡of¡¡labour£»
which¡¡tend¡¡directly¡¡to¡¡reduce¡¡the¡¡real¡¡price¡¡of¡¡manufactures£»
tend¡¡indirectly¡¡to¡¡raise¡¡the¡¡real¡¡rent¡¡of¡¡land¡£¡¡The¡¡landlord
exchanges¡¡that¡¡part¡¡of¡¡his¡¡rude¡¡produce£»¡¡which¡¡is¡¡over¡¡and¡¡above
his¡¡own¡¡consumption£»¡¡or¡¡what¡¡comes¡¡to¡¡the¡¡same¡¡thing£»¡¡the¡¡price
of¡¡that¡¡part¡¡of¡¡it£»¡¡for¡¡manufactured¡¡produce¡£¡¡Whatever¡¡reduces
the¡¡real¡¡price¡¡of¡¡the¡¡latter£»¡¡raises¡¡that¡¡of¡¡the¡¡former¡£¡¡An¡¡equal
quantity¡¡of¡¡the¡¡former¡¡becomes¡¡thereby¡¡equivalent¡¡to¡¡a¡¡greater
quantity¡¡of¡¡the¡¡latter£»¡¡and¡¡the¡¡landlord¡¡is¡¡enabled¡¡to¡¡purchase¡¡a
greater¡¡quantity¡¡of¡¡the¡¡conveniences£»¡¡ornaments£»¡¡or¡¡luxuries£»
which¡¡he¡¡has¡¡occasion¡¡for¡£
¡¡¡¡¡¡¡¡¡¡Every¡¡increase¡¡in¡¡the¡¡real¡¡wealth¡¡of¡¡the¡¡society£»¡¡every
increase¡¡in¡¡the¡¡quantity¡¡of¡¡useful¡¡labour¡¡employed¡¡within¡¡it£»
tends¡¡indirectly¡¡to¡¡raise¡¡the¡¡real¡¡rent¡¡of¡¡land¡£¡¡A¡¡certain
proportion¡¡of¡¡this¡¡labour¡¡naturally¡¡goes¡¡to¡¡the¡¡land¡£¡¡A¡¡greater
number¡¡of¡¡men¡¡and¡¡cattle¡¡are¡¡employed¡¡in¡¡its¡¡cultivation£»¡¡the
produce¡¡increases¡¡with¡¡the¡¡increase¡¡of¡¡the¡¡stock¡¡which¡¡is¡¡thus
employed¡¡in¡¡raising¡¡it£»¡¡and¡¡the¡¡rent¡¡increases¡¡with¡¡the¡¡produce¡£
¡¡¡¡¡¡¡¡¡¡The¡¡contrary¡¡circumstances£»¡¡the¡¡neglect¡¡of¡¡cultivation¡¡and
improvement£»¡¡the¡¡fall¡¡in¡¡the¡¡real¡¡price¡¡of¡¡any¡¡part¡¡of¡¡the¡¡rude
produce¡¡of¡¡land£»¡¡the¡¡rise¡¡in¡¡the¡¡real¡¡price¡¡of¡¡manufactures¡¡from
the¡¡decay¡¡of¡¡manufacturing¡¡art¡¡and¡¡industry£»¡¡the¡¡declension¡¡of
the¡¡real¡¡wealth¡¡of¡¡the¡¡society£»¡¡all¡¡tend£»¡¡on¡¡the¡¡other¡¡hand£»¡¡to
lower¡¡the¡¡real¡¡rent¡¡of¡¡land£»¡¡to¡¡reduce¡¡the¡¡real¡¡wealth¡¡of¡¡the
landlord£»¡¡to¡¡diminish¡¡his¡¡power¡¡of¡¡purchasing¡¡either¡¡the¡¡labour£»
or¡¡the¡¡produce¡¡of¡¡the¡¡labour¡¡of¡¡other¡¡people¡£
¡¡¡¡¡¡¡¡¡¡The¡¡whole¡¡annual¡¡produce¡¡of¡¡the¡¡land¡¡and¡¡labour¡¡of¡¡every
country£»¡¡or¡¡what¡¡comes¡¡to¡¡the¡¡same¡¡thing£»¡¡the¡¡whole¡¡price¡¡of¡¡that
annual¡¡produce£»¡¡naturally¡¡divides¡¡itself£»¡¡it¡¡has¡¡already¡¡been
observed£»¡¡into¡¡three¡¡parts£»¡¡the¡¡rent¡¡of¡¡land£»¡¡the¡¡wages¡¡of
labour£»¡¡and¡¡the¡¡profits¡¡of¡¡stock£»¡¡and¡¡constitutes¡¡a¡¡revenue¡¡to
three¡¡different¡¡orders¡¡of¡¡people£»¡¡to¡¡those¡¡who¡¡live¡¡by¡¡rent£»¡¡to
those¡¡who¡¡live¡¡by¡¡wages£»¡¡and¡¡to¡¡those¡¡who¡¡live¡¡by¡¡profit¡£¡¡These
are¡¡the¡¡three¡¡great£»¡¡original£»¡¡and¡¡constituent¡¡orders¡¡of¡¡every
civilised¡¡society£»¡¡from¡¡whose¡¡revenue¡¡that¡¡of¡¡every¡¡other¡¡order
is¡¡ultimately¡¡derived¡£
¡¡¡¡¡¡¡¡¡¡The¡¡interest¡¡of¡¡the¡¡first¡¡of¡¡those¡¡three¡¡great¡¡orders£»¡¡it
appears¡¡from¡¡what¡¡has¡¡been¡¡just¡¡now¡¡said£»¡¡is¡¡strictly¡¡and
inseparably¡¡connected¡¡with¡¡the¡¡general¡¡interest¡¡of¡¡the¡¡society¡£
Whatever¡¡either¡¡promotes¡¡or¡¡obstructs¡¡the¡¡one£»¡¡necessarily
promotes¡¡or¡¡obstructs¡¡the¡¡other¡£¡¡When¡¡the¡¡public¡¡deliberates
concerning¡¡any¡¡regulation¡¡of¡¡commerce¡¡or¡¡police£»¡¡the¡¡proprietors
of¡¡land¡¡never¡¡can¡¡mislead¡¡it£»¡¡with¡¡a¡¡view¡¡to¡¡promote¡¡the¡¡interest
of¡¡their¡¡own¡¡particular¡¡order£»¡¡at¡¡least£»¡¡if¡¡they¡¡have¡¡any
tolerable¡¡knowledge¡¡of¡¡that¡¡interest¡£¡¡They¡¡are£»¡¡indeed£»¡¡too¡¡often
defective¡¡in¡¡this¡¡tolerable¡¡knowledge¡£¡¡They¡¡are¡¡the¡¡only¡¡one¡¡of
the¡¡three¡¡orders¡¡whose¡¡revenue¡¡costs¡¡them¡¡neither¡¡labour¡¡nor
care£»¡¡but¡¡comes¡¡to¡¡them£»¡¡as¡¡it¡¡were£»¡¡of¡¡its¡¡own¡¡accord£»¡¡and
independent¡¡of¡¡any¡¡plan¡¡or¡¡project¡¡of¡¡their¡¡own¡£¡¡That¡¡indolence£»
which¡¡is¡¡the¡¡natural¡¡effect¡¡of¡¡the¡¡ease¡¡and¡¡security¡¡of¡¡their
situation£»¡¡renders¡¡them¡¡too¡¡often£»¡¡not¡¡only¡¡ignorant£»¡¡but
incapable¡¡of¡¡that¡¡application¡¡of¡¡mind¡¡which¡¡is¡¡necessary¡¡in¡¡order
to¡¡foresee¡¡and¡¡understand¡¡the¡¡consequences¡¡of¡¡any¡¡public
regulation¡£
¡¡¡¡¡¡¡¡¡¡The¡¡interest¡¡of¡¡the¡¡second¡¡order£»¡¡that¡¡of¡¡those¡¡who¡¡live¡¡by
wages£»¡¡is¡¡as¡¡strictly¡¡connected¡¡with¡¡the¡¡interest¡¡of¡¡the¡¡society
as¡¡that¡¡of¡¡the¡¡first¡£¡¡The¡¡wages¡¡of¡¡the¡¡labourer£»¡¡it¡¡has¡¡already
been¡¡shown£»¡¡are¡¡never¡¡so¡¡high¡¡as¡¡when¡¡the¡¡demand¡¡for¡¡labour¡¡is
continually¡¡rising£»¡¡or¡¡when¡¡the¡¡quantity¡¡employed¡¡is¡¡every¡¡year
increasing¡¡considerably¡£¡¡When¡¡this¡¡real¡¡wealth¡¡of¡¡the¡¡society
becomes¡¡stationary£»¡¡his¡¡wages¡¡are¡¡soon¡¡reduced¡¡to¡¡what¡¡is¡¡barely
enough¡¡to¡¡enable¡¡him¡¡to¡¡bring¡¡up¡¡a¡¡family£»¡¡or¡¡to¡¡continue¡¡the
race¡¡of¡¡labourers¡£¡¡When¡¡the¡¡society¡¡declines£»¡¡they¡¡fall¡¡even
below¡¡this¡£¡¡The¡¡order¡¡of¡¡proprietors¡¡may£»¡¡perhaps£»¡¡gain¡¡more¡¡by
the¡¡prosperity¡¡of¡¡the¡¡society¡¡than¡¡that¡¡of¡¡labourers£º¡¡but¡¡there
is¡¡no¡¡order¡¡that¡¡suffers¡¡so¡¡cruelly¡¡from¡¡its¡¡decline¡£¡¡But¡¡though
the¡¡interest¡¡of¡¡the¡¡labourer¡¡is¡¡strictly¡¡connected¡¡with¡¡that¡¡of
the¡¡society£»¡¡he¡¡is¡¡incapable¡¡either¡¡of¡¡comprehending¡¡that
interest¡¡or¡¡of¡¡understanding¡¡its¡¡connection¡¡with¡¡his¡¡own¡£¡¡His
condition¡¡leaves¡¡him¡¡no¡¡time¡¡to¡¡receive¡¡the¡¡necessary
information£»¡¡and¡¡his¡¡education¡¡and¡¡habits¡¡are¡¡commonly¡¡such¡¡as¡¡to
render¡¡him¡¡unfit¡¡to¡¡judge¡¡even¡¡though¡¡he¡¡was¡¡fully¡¡informed¡£¡¡In
the¡¡public¡¡deliberations£»¡¡therefore£»¡¡his¡¡voice¡¡is¡¡little¡¡heard
and¡¡less¡¡regarded£»¡¡except¡¡upon¡¡some¡¡particular¡¡occasions£»¡¡when
his¡¡clamour¡¡is¡¡animated£»¡¡set¡¡on¡¡and¡¡supported¡¡by¡¡his¡¡employers£»
not¡¡for¡¡his£»¡¡but¡¡their¡¡own¡¡particular¡¡purposes¡£
¡¡¡¡¡¡¡¡¡¡His¡¡employers¡¡constitute¡¡the¡¡third¡¡order£»¡¡that¡¡of¡¡those¡¡who
live¡¡by¡¡profit¡£¡¡It¡¡is¡¡the¡¡stock¡¡that¡¡is¡¡employed¡¡for¡¡the¡¡sake¡¡of
profit¡¡which¡¡puts¡¡into¡¡motion¡¡the¡¡greater¡¡part¡¡of¡¡the¡¡useful
labour¡¡of¡¡every¡¡society¡£¡¡The¡¡plans¡¡and¡¡projects¡¡of¡¡the¡¡employers
of¡¡stock¡¡regulate¡¡and¡¡direct¡¡all¡¡the¡¡most¡¡important¡¡operations¡¡of
labour£»¡¡and¡¡profit¡¡is¡¡the¡¡end¡¡proposed¡¡by¡¡all¡¡those¡¡plans¡¡and
projects¡£¡¡But¡¡the¡¡rate¡¡of¡¡profit¡¡does¡¡not£»¡¡like¡¡rent¡¡and¡¡wages£»
rise¡¡with¡¡the¡¡prosperity¡¡and¡¡fall¡¡with¡¡the¡¡declension¡¡of¡¡the
society¡£¡¡On¡¡the¡¡contrary£»¡¡it¡¡is¡¡naturally¡¡low¡¡in¡¡rich¡¡and¡¡high¡¡in
poor¡¡countries£»¡¡and¡¡it¡¡is¡¡always¡¡highest¡¡in¡¡the¡¡countries¡¡which
are¡¡going¡¡fastest¡¡to¡¡ruin¡£¡¡The¡¡interest¡¡of¡¡this¡¡third¡¡order£»
therefore£»¡¡has¡¡not¡¡the¡¡same¡¡connection¡¡with¡¡the¡¡general¡¡interest
of¡¡the¡¡society¡¡as¡¡that¡¡of¡¡the¡¡other¡¡two¡£¡¡Merchants¡¡and¡¡master
manufacturers¡¡are£»¡¡in¡¡this¡¡order£»¡¡the¡¡two¡¡classes¡¡of¡¡people¡¡who
commonly¡¡employ¡¡the¡¡largest¡¡capitals£»¡¡and¡¡who¡¡by¡¡their¡¡wealth
draw¡¡to¡¡themselves¡¡the¡¡greatest¡¡share¡¡of¡¡the¡¡public
consideration¡£¡¡As¡¡during¡¡their¡¡whole¡¡lives¡¡they¡¡are¡¡engaged¡¡in
plans¡¡and¡¡projects£»¡¡they¡¡have¡¡frequently¡¡more¡¡acuteness¡¡of
understanding¡¡than¡¡the¡¡greater¡¡part¡¡of¡¡country¡¡gentlemen¡£¡¡As
their¡¡thoughts£»¡¡however£»¡¡are¡¡commonly¡¡exercised¡¡rather¡¡about¡¡the
interest¡¡of¡¡their¡¡own¡¡particular¡¡branch¡¡of¡¡business£»¡¡than¡¡about
that¡¡of¡¡the¡¡society£»¡¡their¡¡judgment£»¡¡even¡¡when¡¡given¡¡with¡¡the
greatest¡¡candour¡¡£¨which¡¡it¡¡has¡¡not¡¡been¡¡upon¡¡every¡¡occasion£©¡¡is
much¡¡more¡¡to¡¡be¡¡depended¡¡upon¡¡with¡¡regard¡¡to¡¡the¡¡former¡¡of¡¡those
two¡¡objects¡¡than¡¡with¡¡regard¡¡to¡¡the¡¡latter¡£¡¡Their¡¡superiority
over¡¡the¡¡country¡¡gentleman¡¡is¡¡not¡¡so¡¡much¡¡in¡¡their¡¡knowledge¡¡of
the¡¡public¡¡interest£»¡¡as¡¡in¡¡their¡¡having¡¡a¡¡better¡¡knowledge¡¡of
their¡¡own¡¡interest¡¡than¡¡he¡¡has¡¡of¡¡his¡£¡¡It¡¡is¡¡by¡¡this¡¡superior
knowledge¡¡of¡¡their¡¡own¡¡interest¡¡that¡¡they¡¡have¡¡frequently¡¡imposed
upon¡¡his¡¡generosity£»¡¡and¡¡persuaded¡¡him¡¡to¡¡give¡¡up¡¡both¡¡his¡¡own
interest¡¡and¡¡that¡¡of¡¡the¡¡public£»¡¡from¡¡a¡¡very¡¡simple¡¡but¡¡honest
conviction¡¡that¡¡their¡¡interest£»¡¡and¡¡not¡¡his£»¡¡was¡¡the¡¡interest¡¡of
the¡¡public¡£¡¡The¡¡interest¡¡of¡¡the¡¡dealers£»¡¡however£»¡¡in¡¡any
particular¡¡branch¡¡of¡¡trade¡¡or¡¡manufactures£»¡¡is¡¡always¡¡in¡¡some
respects¡¡different¡¡from£»¡¡and¡¡even¡¡opposite¡¡to£»¡¡that¡¡of¡¡the
public¡£¡¡To¡¡widen¡¡the¡¡market¡¡and¡¡to¡¡narrow¡¡the¡¡competition£»¡¡is
always¡¡the¡¡interest¡¡of¡¡the¡¡dealers¡£¡¡To¡¡widen¡¡the¡¡market¡¡may
frequently¡¡be¡¡agreeable¡¡enough¡¡to¡¡the¡¡interest¡¡of¡¡the¡¡public£»¡¡but
to¡¡narrow¡¡the¡¡competition¡¡must¡¡a